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USD Drops on Jobs Miss, Markets Slide

Welcome to our daily market update, where we help keep you informed on the latest happenings in the world of FX. If you have any questions or would like anything further explained, please don’t hesitate to reach out to your account manager or email info@cafx.com

 

Forex Market 

USD: Slides After Weak Jobs Data
The dollar weakened as U.S. Non-Farm Payrolls for July significantly missed expectations, leading to a broad decline in USD and Treasury yields.

  • AUD/USD rebounded to close at 0.6475, trading a 0.6419–0.6493 range.

  • NZD/USD jumped to 0.5929.

  • EUR/USD rallied to 1.1597, and GBP/USD to 1.3309.

  • USD/JPY fell sharply to 147.30 from earlier highs.

AUD: Rallies on USD Weakness
The Aussie found support near 0.6420 before rising to week-highs post-NFP data.

 

Key Economic Data Ahead (Sydney Time)

 

General Market

Wall Street
Wall St. sold off on the weak jobs report:

  • Dow Jones -1.2%

  • S&P 500 -1.6%

  • Nasdaq -2.2%

U.S. 10-year yields tumbled 17bps to 4.21%, while Brent crude fell 2.9% to $69.40/bbl.

Asia-Pacific

  • Nikkei -0.7%, Shenzhen -0.5%, Hang Seng -1.1%

  • ASX -0.9% (Info Tech -2.4%, Health Care -1.9%)

Europe

  • CAC -2.9%, DAX -2.7%, Stoxx -1.8%, FTSE -0.7%

  • Eurozone CPI (Jul Prelim) held steady vs. -0.1% expected

 

Headlines to Watch

  • U.S. Non-Farm Payrolls – Weaker at 73k vs 104k exp; major revisions lower

  • Unemployment Rate – Rose to 4.2% (in line); Participation Rate dipped to 62.2%

  • USD Reaction – USD sold off sharply, U.S. yields fell across the curve

  • ISM Manufacturing – Fell to 48.0 vs 49.5 exp.

  • Trump Attacks Fed Again – Called Powell “a stubborn moron” and claimed jobs data was “rigged”

  • Geopolitical Risks – Trump ordered repositioning of nuclear subs after comments from Medvedev

 

Mid-market rates

Currency Pair Mid-market Rate
AUD/USD 0.6472
AUD/NZD 1.0938
AUD/JPY 96.23
AUD/CNY 4.6615
AUD/EUR 0.5584
AUD/GBP 0.4869
AUD/HKD 5.0796

 

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